Coast now chasing ex Welcome Finance Debt

[Looboo500]

Evening Di

Ok, great I will check about the land registry, I can not remember at the time if I had any formal documents about them having a legal charge so that will be useful to find out.

As for the notification about welcome to cosst, yes.
Like I say nothing for years, I have had about 4 letters which honestly I ignored and no a field agent who i am ignoring.

The northern rock loan was part secured part unsecured, I remember that as they said the loan was in two parts

Thanks Di

[Joanna Connolly Solicitors]

Evening Di
The northern rock loan was part secured part unsecured, I remember that as they said the loan was in two parts

That sounds like a Northern Rock Together Mortgage to me.

The secured loan (i.e. mortgage) would have been the same interest rate as the unsecured linked personal loan until the mortgage was redeemed (in your case repossessed) and then the “delinked” loan’s interest rate typically shot up.

Is the outstanding balance which you’re currently paying off to NRAM for the unsecured or secured loan, or perhaps a combination of both?

How much was the unsecured loan and what year was it taken out (alongside the mortgage)?

Would you remember if it was a Regulated or Unregulated credit agreement?

I’m asking because some of the Together loans had legal issues.

Di

[Looboo500]

Evening Di

Good question, however I believe most of what I'm paying is off the unsecured bit, potentially a small proportion off secured.

I took the mortgage out in 2005 and repossesed in 2012.

Again all when I was a lot younger and very naive.

I took the welcome out shortly after, as the house was a do'er upper...

I will try and get some land registry details and see what comes back

Louise x

[Joanna Connolly Solicitors]

Evening Di

Good question, however I believe most of what I'm paying is off the unsecured bit, potentially a small proportion off secured.

I took the mortgage out in 2005 and repossesed in 2012.

. . . . I took the welcome out shortly after, as the house was a do'er upper...

I will try and get some land registry details

You appear to have two things going on at the same time.

Firstly, you need to establish if there any legal issues with the Northern Rock Together Mortgage unsecured loan. So my suggestion is you send a Subject Access Request to NRAM to see what data they hold on that.

Since it was an unsecured loan with a potentially standalone credit agreement, I would also send NRAM a s77 CCA Request to see if they've got the credit agreement in their files.

Secondly, the ex-Welcome, now Coast, 'secured' loan is a separate issue.

Maybe don't send Coast anything yet unless you get threatened with legal proceedings, then post on here or email me if you like.

I'm going to ask one of the Moderators if they can move your posts to a thread of your own so your situation doesn't get muddled with 'hard to guess' information on their thread.

Di

[Looboo500]

I really appreciate that Di, thanks so much

Louise x

[Thistle]

Hi,

I am also in the same situation with Welcome Finance and Coast, I have asked them to send me documents to prove this debt in the form of a prove it letter. To my knowledge my loan was for £3,500 which I continued to pay when I split with my partner it was originally in joint names. There has been no payment taken from me since 2014/15, the payments just stopped. I assumed that the loan was paid as I was paying £180 per month which over 7 years was more than I originally borrowed. Now they say I owe them £12,000. The original loan was taken in 2006/7. There is a charge on my property dated 2007 by welcome then transferred to coast in 2018. Nothing on my credit file.

Coast replied to my prove it letter saying I had to contact welcome for proof of documents and I could go to the ombudsman which I have now done and they are looking into it. Coast are still threatening to send it to a solicitor for action. I have again write to them by recorded delivery and told them that I have now sent this to the ombudsman and they need to give me/ the ombudsman time to get the documents to prove this debt, I gave them 14 days to respond which is up tomorrow. I still have no response.

Reading other articles I am worried that welcome have re financed this without my knowledge, as they have done with others. Any help or advice anyone can give me I would appreciate. I live in Scotland, I know this sometimes makes a difference.

[Joanna Connolly Solicitors]

I have asked them to send me documents to prove this debt in the form of a prove it letter. To my knowledge my loan was for £3,500 which I continued to pay when I split with my partner it was originally in joint names. There has been no payment taken from me since 2014/15, the payments just stopped. I assumed that the loan was paid as I was paying £180 per month which over 7 years was more than I originally borrowed. Now they say I owe them £12,000. The original loan was taken in 2006/7. There is a charge on my property dated 2007 by welcome then transferred to coast in 2018. Nothing on my credit file.

Coast replied to my prove it letter saying I had to contact welcome for proof of documents and I could go to the ombudsman which I have now done and they are looking into it. Coast are still threatening to send it to a solicitor for action. I have again write to them by recorded delivery and told them that I have now sent this to the ombudsman and they need to give me/ the ombudsman time to get the documents to prove this debt, I gave them 14 days to respond which is up tomorrow. I still have no response.

Reading other articles I am worried that welcome have re financed this without my knowledge, as they have done with others. Any help or advice anyone can give me I would appreciate. I live in Scotland.

If Coast are the legal owner of the debt then you can send them a s77 CCA Request for a copy of the credit agreement. A Prove It letter would not be sufficient.

Can you confirm the amount of the original loan as I think "£3,500" may be a typo.

You say the loan was originally in joint names - is it still in joint names and secured on a jointly owned property? You refer to a charge being on "my property".

When Welcome sold the debt to Coast did you receive a Notice of Assignment? You say it happened without your knowledge.

You can also send a Subject Access Request even though Welcome Finance went into liquidation last month, because KPMG is the Data Controller > http://www.wfs.co.uk/

The only difference about you living in Scotland is that's a different legal jurisdiction so only a lawyer in Scotland could assist you if legal proceedings were to be issued.

However the Consumer Credit Act would still apply if this was a Regulated Agreement.

Di

[Thistle]

Many thanks for your reply, the amount was £3,500 and was a joint debt with my ex partner, I had no idea that it was secured as the property was in my name only.

I only knew about coast taking over when a field agent came to my house, as I said previously I thought the loan was paid because the payment just stopped about 5 years ago and I never heard anything else.

I will send the SAR to them, should I send it to Coast, Welcome or both?

[Joanna Connolly Solicitors]

the amount was £3,500 and was a joint debt with my ex partner, I had no idea that it was secured as the property was in my name only.

I only knew about coast taking over when a field agent came to my house

I will send the SAR to them, should I send it to Coast, Welcome or both?

Goodness, a loan of only £3,500 was secured on a property!

Since the property was in your sole name how did it become secured on the property without you knowing since you would have been asked to sign a Legal Charge?

Send the SAR to both Welcome and Coast, and I'd also suggest you do a Land Registry search to see what has been going on, and when >

https://eservices.landregistry.gov.u...EnquiryInit.do

Di

[Thistle]

Hi Di,

I did a land registry search and there is a charge attached to the property by welcome in 2007 which is when the joint loan was taken out. It had then been transferred to Coast in 2018.

I have no knowledge of signing anything to do with a secured loan and wouldn’t have agreed to it. Surely if it was a joint loan and the house was only in my name they couldn’t do that?

I will get the SAR’s done this week, I have also logged a complaint with the ombudsman.

[dmd]

I have been trying to contact Coast Finance recently. I sent them a letter (to Newport PO box) by recorded delivery about six weeks ago and the letter still has not been delivered.

I wish to contact them to offer a settlement on behalf of a friend who has a secured loan (ex-Welcome). What can I do if they won't accept my letter?

[Joanna Connolly Solicitors]

I have been trying to contact Coast Finance recently.

I wish to contact them to offer a settlement on behalf of a friend who has a secured loan (ex-Welcome). What can I do if they won't accept my letter?

Why does your friend want to offer a settlement at this stage? Do they want to sell the property or are they being threatened with possession proceedings?

How much was the original Welcome loan?

I'd need more information before making any suggestions as to the way forward.

Di

[dmd]

Why does your friend want to offer a settlement at this stage? Do they want to sell the property or are they being threatened with possession proceedings?

How much was the original Welcome loan?

I'd need more information before making any suggestions as to the way forward.

Di

They want to sell the property in the near future. They're not currently under threat of repossession.

The original loan was for about £17,800 in 2006.

Anything else you need to know?

[Joanna Connolly Solicitors]

I have been trying to contact Coast Finance recently. I sent them a letter (to Newport PO box) by recorded delivery about six weeks ago and the letter still has not been delivered.

I wish to contact them to offer a settlement on behalf of a friend who has a secured loan (ex-Welcome). What can I do if they won't accept my letter?

I can't say whether Coast (Target?) are refusing to accept your letter or whether the postman didn't get a signature due to the on-and-off Lockdown restrictions on contact; although my postman signs the handheld device with "Covid-19" once he's seen me wave at him through the window.

However, since this is not your account Coast may be reluctant to respond to any settlement offer unless they are satisfied that they have authorisation from the account holder to discuss matters with you.

It's a GDPR thing.

You say this loan was for £17k+ in 2006 so have there been issues with Welcome in the past with them 'disappearing' for a few years and not collection payments? Then up springs Coast from nowhere (April 2018?) to resume collections. Or did everything run smoothly for the last 14 years?

I always think negotiation is best done from a position of strength so if your friend has any issues which could be used to increase their bargaining power then that might help.

Was this originally a joint loan?

Di

[The Tech Clerk]

Is this the same company coast Financial Ltd ????

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Finance broker in Plymouth, England
Address: 6-8 College Ave, Mutley, Plymouth PL4 7AN

Coast Financial Ltd is Authorised and Regulated by the Financial Conduct Authority. FCA Firm Number: 782715.????